The CEO noted the U.S., European and Latin American markes have the most energy storage potential.

Enel could also be weeks away from making an acquisition in the energy management sector, Bloomberg noted, citing confidential sources.

Dive Insight:

Enel subsidiary Enel Green Power North America in August closed on the acquisition of EnerNOC, paying about $250 million for the energy management company. Earlier this year, Enel Green Power bought Demand Energy Networks, showing an appetite for energy management sector. Now it appears the utility is eyeing energy storage.

Speaking at a conference in Moscow, Starace told Bloomberg that Enel is looking for acquisitions in energy storage as the technology becomes more widespread and important in balancing the intermittency of the growing amount of renewables on grids in Europe and North America. Starace said there are already regions where batteries are commercially attractive, including the U.S., Europe and Latin America.

European utilities are showing an increasing interest in energy storage. In July, French oil company Total completed the $1 billion acquisition of battery maker Saft. In December 2015, Germany’s E.on invested in energy storage software company Greensmith Energy Management. Greensmith was later acquired by Finnish power system manufacturer Wartsila in a $170 million deal.